Dresdner profits rise

Dresdner profits rise

Dresdner, the German bank that bought Kleinwort Benson earlier this year, announced a 13.6 per cent increase in operating profits after risk provision in the first nine months of the year. Dresdner enjoyed the rise to DM1.5bn (pounds 682m) thanks to a rebound in trading profits and a 45 per cent lowering of risk provisions. Own-account trading rose to DM536m in the first nine months compared with a DM15m loss previously. Dresdner said that it would split responsibility for its global investment banking business, with Kleinwort taking control of non-German equities and the international advisory business. Dresdner will keep control of fixed income, forex and derivatives business.